High performance MEMS inertia sensor leader breaks overseas monopoly

Founded in 2012, based on the accumulation of the semiconductor industry, original micro-nano structure design, the adoption of advanced MEMS technology, unique packaging solutions and modern management mode and perfect talent accumulation, integration of integrated circuits and traditional high-end inertial industry, promote inertial sensors, pressure sensors and other sensors to intelligent, miniaturized, easy-to-use, localization, IC development. Break the monopoly of overseas giants such as Honeywell International Inc, Bosch and ST to realize domestic substitution. At present, the company has a small market share, and there is great potential for domestic substitution under the background of continuous improvement of competitiveness in the future.

Adopting Fabless operation mode, the technology of high performance silicon based MEMS inertial sensor is mature.

The precision level of the company's MEMS inertial sensor is gradually improved, relying on the advantages of low cost and small volume, it has gradually occupied part of the market of optical fiber sensor and laser sensor. At present, it is still in a period of rapid development, and with the continuous upgrading and penetration of other inertial sensor technologies and products, the company can develop in the future.

The main MEMS sensor is the cornerstone of intelligent manufacturing and has a large space for growth.

Sensors are everywhere. MEMS sensors use large-scale integrated circuit manufacturing technology and micro-machining technology to integrate micro-sensors, micro-actuators, micro-structures, signal processing and control circuits, power supplies and communication interfaces into one or more chips. MEMS sensors can be widely used in automotive, consumer electronics, robotics, medical, industrial and other fields. According to Sadie consultant data statistics, the domestic MEMS market size exceeded 100 billion in 2022, still dominated by foreign manufacturers, the company's independent research and development, design and manufacture of high-performance MEMS inertial sensors domestic alternative space is broad.

Investment suggestion

We are optimistic about the profitability and R & D capability of the company. The operating income in 2023-2025 is RMB 474 million; the projected net profit of homing in 2023-2025 is RMB 1.63 million; the corresponding EPS in 2023-2025 is RMB 0.41; The company's current share price corresponds to a PE of 100-72-50. Taking into account the company's technical barriers, large domestic alternative space and large profit potential, the company is given a "buy" investment rating for the first time.

Risk hint

1) the technological R & D breakthrough is not as expected; 2) the downstream demand is lower than expected; 3) the loss of core technical personnel; 4) the sharp fluctuation of raw material cost affects the gross profit margin; 5) the risk of increasing market competition affecting the gross profit margin.